Latest / Simply Bitcoin / Dave Portnoy's Catastrophic Bitcoin Mistake | EP 930

Transcript

Dave Portnoy's Catastrophic Bitcoin Mistake | EP 930 · Simply Bitcoin

• 0:03
  It's. All going to zero against
• 0:06
  Bitcoin. It's going up forever.
• 0:16
  You're. Against Bitcoin, you're against
• 0:17
  freedom. Yo, welcome to Simply Bitcoin
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  Live. We're number one source for the
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  peaceful Bitcoin revolution. To cover breaking news, culture,
• 0:28
  Matic Warfare. We will be your guide through
• 0:30
  the separation of money and state, ladies and gentlemen.
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  And welcome to the most watched daily Bitcoin only live show on
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  YouTube, Rumble and Twitter. Today we're going to talk about
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  Dave Portnoy and something that a lot of people we we we all pay
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  the price of tuition, right. The price of tuition is
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  essentially, you know, you get into the whole ecosystem and it
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  usually follows the same pattern, right?
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  You get into crypto first and then you kind of, you know, burn
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  your finger a little bit, then you realize it's Bitcoin only
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  and then there's like this never ending rabbit hole of Bitcoin
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  only And what the implications of of, you know of a sound money
• 1:10
  standard and the separation of money and state and what that's
• 1:13
  gonna do for the entire world. But there's like a process to
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  that rabbit hole and it's a multi year process.
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  It's not something that I've seen people do very quickly.
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  Even the great Michael Saylor, he dismissed Bitcoin at first.
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  We actually have the tweet for you guys and this is something
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  that we're starting to see a lot of very popular people that are
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  outside of the Bitcoin echo chamber go through.
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  And one of them lately is Dave Portnoy and you know he's the
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  founder of Barstool Sports. Very successful website, blog,
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  whatever you want to call it. And he burned his finger on the
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  stove. And before everyone makes fun of
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  him and stuff, I'm sure you guys have done that before.
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  You know I've I could have definitely had a lot more
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  Bitcoin than I have today. But This is why we call it
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  paying the price of tuition. You inevitably have to go
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  through that. I've I've 99% of bitcoiners that
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  I've ever met started with all coins. 99% of bitcoiners that
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  I've ever met spent Bitcoin and then they regretted doing it
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  after. Right.
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  It's only until you, like hit yourself up metaphorically
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  against the wall a couple times that you really really learn
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  this, like, very difficult and expensive lesson.
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  But the consequential aspect of what we're going to cover today
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  is this is someone who's highly influential.
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  Now we're simply Bitcoin. Connect the dots, ladies and
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  gentlemen. Right.
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  You had Tim Poole say this, right?
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  Max Keiser did Satoshi's work. Really giving gifting these
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  people a lot of Bitcoin because they knew they were influential.
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  He knew that they were influential in the early days.
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  And then watching number go up to its thing and then all of a
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  sudden these people are Bitcoin converts, right?
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  And I think Dave Portnoy is like going through the motions just
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  publicly and he has a huge following.
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  So you know, it's it's it's like anything he says, Bitcoin
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  related. It's like engagement farming.
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  Every bitcoiners gonna talk about it.
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  It's like when Jack Dorsey wore the Satoshi shirt at the Super
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  Bowl, right. So yeah, it from a historical
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  standpoint, the Overton window is shifting the adoption, we're
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  winning. It's it's good stuff.
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  Everything's good for Bitcoin. And in other news, it seems like
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  the central bankers have stepped up their mimetic warfare.
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  They released the video, you know, and it's very well
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  produced. It was like it was shot and then
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  you know they they got a younger person doing it.
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  It wasn't Opti's ex-girlfriend, wasn't Christine Lagarde for
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  once. You know, and and they're
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  basically talking about this digital euro and you know how
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  this digital euro is coming and how it's going to make
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  everything great and it's this big kumbaya utopia and digital
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  euro this and digital euro that. So we're gonna play you the
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  guys, the video and then we're gonna talk about it and kind of
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  break it down. But make no mistake, ladies and
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  gentlemen, this is information narrative trench warfare, right?
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  You are literally on the side of Fiat, the side of central
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  bankers, the side of you know, basically using a money that
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  steals from you or you're inside Bitcoin, right.
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  It's there it you know, I know it's a little bit obfuscated
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  right now, but that's you know that's the future that we're
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  heading into. So something to keep in mind.
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  So we have that video for you guys as well and we also have a
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  very guest. We have Jim today.
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  Jim is a a financial planner converted to a bitcoiner, is
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  that correct, Jim? Yes Sir, thought went.
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  How? How did that happen?
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  How? How does that happen?
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  And and hold on, I'm gonna, I'm gonna, I'm gonna spice it up.
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  Doesn't doesn't Bitcoin kill your job?
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  Essentially a little bit? I think it it makes things a lot
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  simpler in all of senses, which is great.
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  I I welcome that. That's great.
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  And if it kills my job, I would love that cause it's better for
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  humanity. That, that's very noble of you
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  saying that. And and and forgive me if I'm
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  being being a little bit of a showman just to spice things up,
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  but what I meant by that is, you know, if on a Fiat standard,
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  right, you're really meant you're forced to invest just to
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  keep your purchasing power, right?
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  And then on a Bitcoin standard, you know, it's a lot easier.
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  All you got to do is you buy Bitcoin and Bitcoin, mine
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  Bitcoin and then put that Bitcoin, you know, to the side
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  and then it goes up forever. And then that kind of causes
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  this great de financialization of everything, right?
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  I feel like the financial industry is a lot larger than it
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  is because of Fiat. Is is that correct when I say
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  that? Yeah that's that's a
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  conversation I have regularly with with clients is helping
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  them understand why it's important to own Bitcoin from a
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  number go up perspective. But then also as a look the
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  other assets you own if this does does play out like I think
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  it will, will demonetize your other assets.
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  So we have to hold this thing for two reasons.
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  Making money, but also preserving what you already got.
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  And and man, and what a great person to to have on our side,
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  man, for you to, you know, because you know, you know that
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  side of the world, you know how to speak, you know how to walk
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  the walk, talk the talk and you know how to communicate
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  effectively to your clients. You know the power of adding
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  Bitcoin to your portfolio, right.
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  And I think that's something that a lot of people are going
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  to a newly experienced with the release of the of the spot
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  Bitcoin ETFs as well. So really exciting, I can't wait
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  to talk about that during the culture and kind of further
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  explore that and how you're really pitching your clients on
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  Bitcoin. Like what?
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  What is Bitcoin? How they how they taking it.
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  How they you know how they seeing it.
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  So I'm excited for that conversation and of course my
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  legendary Co host, he has a straight face today and that's
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  because I. Was smiling.
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  I was fine. Taken Christine Lagarde out of
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  the mimetics. They've got wait, wait, wait,
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  wait, wait. Hold on.
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  They've taken Christine Lagarde out of the mimetics.
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  So Opti's upset. Opti's sad I.
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  Don't know. I don't know.
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  Looking. No, I'm not.
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  I'm not going to say that you guys already know where my
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  head's at anyways. Anyways, Anyways, before we go
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  on, Jim, what you just said, I I can't wait to talk about this.
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  You not only hold Bitcoin to preserve your purchasing power,
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  but if Bitcoin goes where we go, it's going to demonetize every
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  other. That's man, that's a bar right
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  there. Anyways, I want to hit on one
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  thing before I really talk about all Dave Portnoy stuff during
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  the show, you know, you know who I blame on this?
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  Nico? I blame the Winklevise.
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  Do you guys remember how he, they explained it to Dave
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  Portnoy and afterwards he was sitting there like, what the
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  hell are these guys talking about?
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  No wonder he bought tops and sold bottoms that they were like
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  talking about the gold asteroids.
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  Like, bro, you got way too abstract on them.
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  Like, man, we should play that video anyways.
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  Anyway, let's get into the show. There's gonna be a good.
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  One I wish we had that video. Maybe you could?
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  Find. Maybe I can find it real quick.
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  You can find it. But anyways guys, let's jump
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  into the show. We have a lot to talk about.
• 8:04
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  Bitcoin, your price is 51,030 SAT's per dollar. 1959 block
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  inflation 1.74% The total market capitalization of Bitcoin.
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  It's sitting flat at 1 trillion U.S. dollars.
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  Bitcoin versus gold market cap 7.27% Quick ETF update We've
• 10:50
  been doing this on a daily basis just because of the amount of
• 10:53
  Bitcoin that BlackRock and Fidelity are stacking.
• 10:56
  So Fidelity is up from 83,000 yesterday to 86,000 and
• 11:01
  BlackRock looks like they bought another 4000 Bitcoin.
• 11:04
  So obviously, it shows that there's a tremendous amount of
• 11:07
  institutional interest and that continues to accelerate, which
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  is really exciting, especially with the halving around the
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  corner. So this is the mimetic warfare
• 11:16
  that I'm talking about. This is the information
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  narrative trench warfare, right? So our side we have memes.
• 11:21
  Our side we have content, we have.
• 11:24
  The truth. We have incredible authors like
• 11:26
  Safedine we have. Brilliant minds like Lynn Alden.
• 11:30
  Right. We have great podcasters and you
• 11:32
  know their side, you know, they, they control the legacy media.
• 11:36
  Like let's just be blunt, they really do, right?
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  They attack Bitcoin and and every opportunity they have,
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  whether that's the New York Times, you know, and all these
• 11:46
  all these legacy media publications, right.
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  And you can make an argument that they function as an arm of
• 11:52
  the state, right? And if you guys don't believe
• 11:54
  me, I highly recommend the Tucker interview that he did a
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  couple days ago. I talked about it yesterday, but
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  so information is really important, right?
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  And you know, this Bitcoin revolution, this peaceful
• 12:08
  Bitcoin revolution, it's not a kinetic one.
• 12:11
  It's really about winning over the hearts and minds of people
• 12:15
  waking, waking people up to the evils of Fiat money.
• 12:20
  And in the process of waking people up, Bitcoin will serve as
• 12:24
  a great unifier. It will bring, you know the
• 12:27
  quote UN quote, ideological left and ideological right together.
• 12:31
  I think a lot of the economic hardships, a lot of the anger
• 12:34
  that people are feeling really stems from broken money.
• 12:39
  I think the lower and middle classes that tend to be the
• 12:42
  younger generations that haven't had as much time to accumulate
• 12:45
  wealth are significantly poorer than their parents.
• 12:49
  They have less opportunity. And it's not because the world
• 12:53
  has gone backwards. Technology continues to
• 12:55
  accelerate. You know, GDPS continue to grow.
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  It's Fiat money, right? You know, if you earn in Fiat,
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  you don't have the If you earn and save in Fiat, which most
• 13:05
  people live paycheck to paycheck, you know you don't
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  benefit from asset inflation, which is what happens when
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  central banks print all this money.
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  And here is the central bank's mimatics, the central bank's
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  attempt to try to convince you that, hey guys, you know, we're
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  going to continue the the, the idea of central banking is gonna
• 13:28
  continue, right. And they're using some of our
• 13:31
  tools, some of our tactics with media to try to convince you
• 13:36
  that, hey, you know, this digital euro CBDC's are a great
• 13:40
  idea. So this is one of their latest
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  videos that they drop. Let's check it out.
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  How would a digital Euro benefit payment service providers?
• 13:48
  A digital euro could boost European payment service
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  providers like banks and bring them new business opportunities.
• 13:54
  Here's how One, payment service providers could distribute a
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  digital euro and be the main point of contact with the people
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  and retailers who use it. Two, there would be fair
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  compensation models for providers distributing a digital
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  euro, as well as safeguards for financial stability like digital
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  euro holding limits. And three, a digital euro would
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  harmonize European standards, enabling payment service
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  providers to expand their services across borders to cover
• 14:24
  the entire euro area. Overall, a digital euro would
• 14:28
  make our European payment system more competitive and innovative,
• 14:32
  preserving our strategic autonomy and reducing our
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  dependence on non European providers.
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  That's a whole lot of bullshit. So I mean, look, let's talk
• 14:44
  about the production for a little bit, cuz the production
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  was on point, right? The, you know, the she's moving,
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  right? You know, she's laying it out,
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  the mannerisms, the music in the background, right.
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  The captions up on screen, right.
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  Clearly, you know, that type of that type of media is is, is
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  very effective. But you know, I I I heard like a
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  bunch of like nonsense just you know harmonize the European
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  Union make payment systems more efficient just.
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  But you know, the she said something about limits as well,
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  which I thought as well as safeguards for financial
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  stability like digital euro, holding limits like that.
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  Like, like why? Like that's not something that
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  you put a a, a, a, a happy song to the background.
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  It's like, oh, we're going to harmonize with these holding
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  limits. Like that doesn't sound so
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  harmonious to me. And something that I find funny
• 15:45
  too is, you know, when you have the truth on your side, you can
• 15:50
  kind of be funny and you can have, you know, these like you
• 15:54
  know, shorts or you know, vertical video style content.
• 15:58
  And you don't really have to complicate it.
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  Like it could be very straight up and like easy,
• 16:04
  straightforward, like get yourself one Bitcoin, you know,
• 16:08
  Bitcoin or slavery, You know, don't use the money that doesn't
• 16:11
  steal from you. Look at the mental gymnastics
• 16:15
  they have to go through to try to convince you that their money
• 16:19
  is better than yours. Like, they use, like,
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  harmonious. Like, I don't like that shit's
• 16:24
  scared. Like when a central banker is
• 16:26
  talking to me about harmony. And at the same time, like a
• 16:29
  couple sentences before saying how there's gonna be holding
• 16:32
  limits on my money. Like, bro Like, that doesn't
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  sound very harmonious to me. That sounds like some dystopian
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  ass shit, bro. Just because you try to put
• 16:42
  makeup on a pig by putting happy music in the background doesn't
• 16:46
  change the message. So I mean, look, I think that's
• 16:49
  an epic fail. Like if they're trying to
• 16:51
  connect with the younger community, like that's not the
• 16:53
  way that you do it way too. Like overly complex.
• 16:58
  But I think, and I'm gonna pass this on to you, Jim, I feel like
• 17:02
  a lot of the complicated language in Tradfi, or maybe not
• 17:10
  coming out of Tradfi but coming out of central bankers
• 17:12
  specifically, is by design. I feel like they they have to
• 17:15
  overcomplicate it in a way so that people don't really wake up
• 17:20
  to the scam of Fiat money. Am I wrong in saying that?
• 17:23
  Yeah, it's like that for, for money, for investments, for
• 17:26
  basically everything around, I don't know, in the in the money
• 17:30
  system, we overcomplicate things probably to make, you know, to
• 17:34
  maybe help our egos make us feel like we're smarter than we are
• 17:38
  and also to be a gatekeeper from other people being able to do
• 17:41
  this on their own. If we use big words, you know,
• 17:44
  if we call it equities instead of stocks or, you know, simple
• 17:47
  things like that, if you talk about, I don't know, things are
• 17:51
  unnecessary. Suddenly we feel like we're the
• 17:54
  we're the protectors and other people have to grovel it over
• 17:56
  feet to get help versus just making it super simple where
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  other people can grasp this. Now it's a whole other level
• 18:05
  with the digital EUR and all those things.
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  They mince words to try to make it sound like it's sort of like
• 18:14
  Bitcoin, but it strips out all the evil things of Bitcoin like,
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  oh, bitcoins for money laundering and you know,
• 18:21
  supporting human trafficking, but our digital EUR like that.
• 18:25
  But you're protected by the government with this.
• 18:28
  Ironically though, you know, a CBDC is basically the IT
• 18:34
  couldn't be more antithetical to Bitcoin itself.
• 18:37
  But we, yeah, we we mince these things.
• 18:40
  We think it's digital and Bitcoin's digital.
• 18:42
  Therefore, yeah, it's that's something I'm asked about
• 18:46
  regularly with clients as well. What what happens when a digital
• 18:50
  dollar comes in that will that will remove the need for
• 18:54
  Bitcoin. But it's unpacking actually.
• 18:56
  What are these things in a very simple basis?
• 18:58
  And if you know if you if you can't explain something in a
• 19:01
  simple terms, that probably shows that you don't understand
• 19:03
  it anyways. Yeah, yeah.
• 19:05
  And that's a that's a really good point and I really
• 19:07
  appreciate your perspective Jim someone from with your
• 19:10
  background you know kind of approaching it.
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  And the the way that I would also say it too is that you
• 19:15
  always hear this and obviously the narrative is in Europe as
• 19:17
  well which is the necessity of digital Euros is because we're
• 19:21
  trying to make payments more efficient and when etcetera,
• 19:24
  etcetera. But like, like, I don't know
• 19:26
  about you, but like the US, like we have Apple Pay, PayPal, Zelle
• 19:32
  Cash app, Venmo, and they all work really well, right?
• 19:37
  Like, they don't, You know, I don't see a necessity as to why
• 19:41
  the government has to get involved in the payment systems.
• 19:46
  Maybe I, maybe I'm naive, maybe I'm just a, you know, a a, a, a
• 19:50
  a Bitcoin brute. But like, my common sense is
• 19:54
  like, why is this necessary? So what's your take?
• 19:58
  It's because they can't address the thing that actually needs to
• 20:00
  be fixed, which is, which is a fixed supply cap.
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  They count. They can't come out and say,
• 20:04
  hey, this is actually broken because we keep making more of
• 20:07
  it. They say, oh, it's broken
• 20:08
  because now you can spend it from a digital wallet that we'll
• 20:11
  give to you and, oh, we'll have these things that'll make it
• 20:13
  easier for us to give you universal basic income payments,
• 20:17
  things like that. They cannot address the base
• 20:20
  root problem there. Otherwise, you know, all of a
• 20:23
  sudden you're Yeah, think they're like the Wizard of Oz.
• 20:27
  You know they go in they think it's some really smart big
• 20:30
  wizard and it turns out to some feeble old man behind a behind a
• 20:33
  curtain. And right now people are
• 20:35
  starting to peek behind that curtain and bitcoiners, we're
• 20:38
  sitting here trying to rip the curtain open and show people
• 20:41
  look it's a fraud. Yeah that's it's it's all show.
• 20:46
  And again they're they're all they can do is is puppeteer the
• 20:49
  things that they think will satisfy the need for change when
• 20:53
  the the whole root cause of this is easily ease of manipulation.
• 20:58
  And ironically enough when this is fully digitized the
• 21:01
  manipulation will be all the easier through like they said is
• 21:04
  limited how long you can hold these how much you can hold
• 21:07
  spinning limits Oh yeah also if you use too many carbon credits
• 21:10
  or you're buying too much red meat we're going to we're going
• 21:13
  to penalize you there as well. So under the guise of
• 21:15
  simplifying and making it more free, we'll we'll backdoor so
• 21:20
  many more ways for them to manipulate and control you.
• 21:24
  Yeah, 100 percent, 100%. I 100% agree with that.
• 21:27
  And there's just, it's just insincere.
• 21:29
  Like it's insincere like no matter how much, you know makeup
• 21:33
  or you try to dress it up behind, you know, clever media
• 21:37
  and whatever, like, you know, you look at that and you're
• 21:39
  like, I don't, first of all, I don't know what the F she's
• 21:41
  saying about harmonious stuff. You know, like Bitcoin is a lot
• 21:46
  more harmonious than whatever what the F she's offering Opti.
• 21:50
  I mean like clearly they've realized that the Christine
• 21:54
  Lagarde shorts were not working. So I mean, I guess you could say
• 21:58
  this is a step in the right direction.
• 22:01
  You know, it's always better to get a younger, younger version
• 22:05
  of the old version, right? So a newer version of the old
• 22:09
  version. Anyway, every Bitcoin does not
• 22:12
  agree with this message. Sorry.
• 22:16
  Sorry, sorry, did you troll me? I I trolled the world.
• 22:19
  Anyways, anyways, let's get back to something I I really want to
• 22:21
  touch on something that Jim just said because I I couldn't agree
• 22:24
  more and I don't have Jim's background.
• 22:26
  But I learned through like the traditional financial world,
• 22:30
  through a Bitcoin lens, and it absolutely amazes me just how
• 22:34
  complicated things are on purpose in traditional financial
• 22:37
  worlds, so that you have to go to a financial planner.
• 22:40
  Whereas like once you look through the world through the
• 22:42
  Bitcoin lens, you're like, why is this stuff so complicated?
• 22:45
  It doesn't have to be this complicated.
• 22:46
  You just want to save in something that cannot be
• 22:48
  debased. Like, it's super simple.
• 22:50
  Anyways, this is all by design, but let's talk about this video
• 22:54
  guys. I say it all the time.
• 22:55
  It's our meme world and this is bit scene.
• 22:57
  It's our meme world and everyone else is just living in it.
• 22:59
  As you can tell, the battlefield is mimetics.
• 23:02
  This is a this is a war on information, a narrative
• 23:06
  control. What do you what do you always
• 23:07
  say to make a narrative? Trench warfare or whatever.
• 23:10
  I forget what the meme is, but you can.
• 23:12
  Tell Narrative Trench warfare if memes are no.
• 23:16
  If tweets are bullets, memes are.
• 23:18
  Yeah, it's the first part. It's the first part.
• 23:19
  Thank you. Thank you.
• 23:20
  Thank you. You can tell though that they
• 23:23
  they the, the general, they the, the the powers that be.
• 23:28
  They understand that they have to, for lack of better terms
• 23:33
  like manipulate consensus and and my guests manipulate public
• 23:37
  opinion. And so they got to throw this
• 23:39
  content out there and because of course if they can gaslight the
• 23:43
  population, they will gaslight you and they will, you know,
• 23:46
  instill and incept ideas into you and and you think you're
• 23:49
  educated and in reality you're kind of like running off a
• 23:52
  Cliff. And then let's just talk about
• 23:54
  some of the things she said. Nico brought up one of them, you
• 23:56
  know, harmonize payment device providers or payment solution
• 24:00
  device providers or whatever. It's like what are you even
• 24:02
  talking about? The second one was like the
• 24:04
  blatant pinpointing of centralizing the control of
• 24:08
  money. Like the CBDC or the digital
• 24:11
  euro is the main contact with money and we are basically like
• 24:15
  the middleman. You're going to have to come to
• 24:17
  us and you know, trust us, we we're the experts here.
• 24:19
  We can control money. We know what we're doing.
• 24:21
  We've been doing it for 100 years.
• 24:22
  Like trust us bro, we're going to be your main contact point to
• 24:25
  money and it's just like what like Bitcoin fixes this, like
• 24:29
  Bitcoin is already cross-border payments.
• 24:31
  There's no middleman there. There is no one that can stop
• 24:35
  you sending Bitcoin across the world like it.
• 24:37
  We already have this solution. It is Bitcoin and again, it is
• 24:41
  very interesting and Jim hit the nail on the head when he said
• 24:44
  it's super interesting to me that they always frame this as,
• 24:47
  you know, improving digital payments when in reality like
• 24:50
  Jim said, it's like they can't actually pinpoint the problem
• 24:53
  and it's the fact that they are just continuously expanding the
• 24:57
  money supply and that's the main problem.
• 24:59
  The money is broken and Bitcoin fixes this and and this is just
• 25:03
  why we constantly come out here and be like guys, they're
• 25:06
  distracting you. They're they're putting the
• 25:08
  light on, on the wrong conversation.
• 25:09
  It's not about digital payments, it's about fiscal
• 25:13
  sustainability. It's it's about stop printing
• 25:16
  more money, stop expanding the money supply and making us all
• 25:18
  poorer. Stop stealing from us,
• 25:20
  basically. And and then the last thing I
• 25:22
  want to touch on is just how stale that short is.
• 25:27
  Like Nika said, it had good production quality.
• 25:30
  And I and I agree, you know, they, they got a newer, a
• 25:33
  younger version of Christine Lagarde.
• 25:35
  You know, she's talking, she's got an accent, The production
• 25:38
  quality is pretty good. They got the subtitles like
• 25:41
  they're playing the YouTube social media game.
• 25:44
  But it's something we always say as as Bitcoin memers, as you
• 25:48
  know people in the narrative trench warfare is like the
• 25:51
  reason that Bitcoin content and the memes are so humorous and
• 25:54
  and they hit so well and they have that emotional content to
• 25:57
  them is because we have the truth on our side.
• 25:59
  And yes, I know sometimes you got to get the cringe out when
• 26:01
  you make content. So I'm not really hating on her
• 26:04
  so much on on like it being cringy or whatever.
• 26:06
  It's more just the fact that like you can tell that there's a
• 26:09
  disconnect between what she's saying and what's actually the
• 26:12
  truth of the matter. The, OR rather, you know, maybe
• 26:14
  the objective truth. And I think if, and maybe it's
• 26:18
  just 'cause I make content and I can just tell and I I really
• 26:22
  don't know how, like the avid population.
• 26:24
  Dude, you're a professional propagandist and you're looking
• 26:27
  at central bank propaganda and. You but you're.
• 26:30
  What you're saying is this propaganda's trash.
• 26:33
  Like if we were to rate. That well, it just doesn't.
• 26:35
  It just doesn't have trash. It's just bad.
• 26:37
  No, but that's the common denominator.
• 26:38
  Yeah, exactly. Makes memes funny.
• 26:40
  Like this is what you have to understand, guys.
• 26:41
  Memes like and people treat it as a joke.
• 26:44
  Like, right. Like memes like, OK, it's a
• 26:46
  joke, I get that. But memes only operate if
• 26:49
  there's a common denominator. And that common denominator is
• 26:52
  truth, right? If you don't have truth in a
• 26:55
  meme, you don't understand it. Unless you're propaganda, like
• 26:59
  unless you're like, fully believed in the cult of that
• 27:02
  specific meme, you don't understand it.
• 27:04
  Like it doesn't hit right. Memes are funny, 'cause it's
• 27:07
  like the truth is there and everyone's like, oh, that's
• 27:09
  hilarious. You know, everyone's seen like
• 27:11
  the the Star Wars movie and the Anakin and Panamae, whatever,
• 27:15
  like the The Matrix movie. So it's like they're so
• 27:18
  ingrained in culture that if you try to like insert like like
• 27:22
  whatever she's saying into a meme, you'll be like, that makes
• 27:25
  no sense. Like, what is she talking about?
• 27:28
  This is absurd, right? So but yeah, they're gonna have
• 27:31
  to play on our on our. They're gonna have to play.
• 27:34
  We have home field advantage and they're gonna have to play on
• 27:37
  our field, right? And this is an attempt to that,
• 27:39
  right? And you're seeing this Elizabeth
• 27:41
  Warren's making shorts at this point, right?
• 27:44
  So anyways, guys, let's move on to news.
• 27:47
  We have a lot to talk about. Let's check it out.
• 27:48
  Here we go. The Daily News.
• 27:55
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  more ladies. And gentlemen, I made it
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  incredibly easy for you guys. You want to get yourself your
• 28:55
  own harder wallet, remember? Not your keys, not your cheese.
• 28:59
  If you're not taking self custody, you're trusting someone
• 29:03
  else and you don't want to do that.
• 29:05
  You don't want to find yourself in in a six 102 type situation
• 29:10
  couple from now. Bitcoin University made a video
• 29:13
  about Coinbase and six one O 2 yesterday and everyone was
• 29:17
  giving him so much shit for it. They're like Coinbase will never
• 29:20
  do that because Coinbase is the custodian of all the ETFs guys.
• 29:24
  Take a look at history right? Like, look, if you have the
• 29:28
  tools, if you have the tools and you have the ability to self
• 29:34
  custody your money, you couldn't do that effectively before,
• 29:38
  right? Let's just be blunt.
• 29:39
  Especially trying to travel. Try to travel with $100,000
• 29:42
  worth of cash or $100,000 worth of gold.
• 29:45
  Go through an airport, let me know how that goes, right?
• 29:48
  You might get lucky or you might not.
• 29:50
  And if you don't, they're just gonna take it, right?
• 29:53
  So try doing that with 12 words in your head, right?
• 29:58
  Changes the conversation a little bit.
• 30:00
  Right. So you have no excuse as to why
• 30:04
  you shouldn't be taking custody of your wealth at this point,
• 30:06
  especially if you have the tools to do so.
• 30:09
  And when I saw him getting so much S yesterday for dropping
• 30:15
  that video and people getting like hurt, essentially saying
• 30:19
  they would never do, it's like like, wake the F up, right?
• 30:23
  There isn't a, there's a historical example, even with
• 30:27
  all the constitutional protections in the United States
• 30:30
  of the US government making it illegal for U.S. citizens to
• 30:34
  hold a medal because the US government got itself in a
• 30:38
  pickle, right? So I mean, like what?
• 30:42
  What's the saying? If you don't learn from, if you
• 30:44
  don't learn from the past, you're destined to repeat it.
• 30:46
  Like, wake the F up, bro. Like, I'm sorry if I don't trust
• 30:50
  Coinbase and let me let me rephrase this.
• 30:52
  I'm sorry if I don't trust someone else holding my money,
• 30:55
  right? Let let's just be blunt.
• 30:57
  OK, All right. So let's talk about Dave
• 30:59
  Fortnite. Before we do that 'cause I saw a
• 31:01
  lot of people essing on him, right?
• 31:05
  We have to remember that everyone pays a price of
• 31:09
  tuition. That includes the Chad, That
• 31:11
  includes me, that includes Opti, and I'm pretty sure that
• 31:15
  includes Jim. 99% of people that I've ever interviewed, and I've
• 31:19
  pretty much interviewed everyone in the industry except for
• 31:22
  Sailor. It's always the same, right?
• 31:25
  First couple years, you know, you don't know what you're
• 31:28
  doing. You're kind of blind, you're
• 31:29
  making a ton of mistakes, then you learn and then it's Bitcoin
• 31:34
  only. And then you're like, yeah, like
• 31:36
  all coins are like literally a scam, right?
• 31:39
  And then you, like, come to the realization, like, holy crap,
• 31:42
  Fiat is an altcoin. Like, and you're like, Oh my
• 31:44
  God, it's Bitcoin. Bitcoin or slavery, right?
• 31:46
  You just go down the rabbit hole, right?
• 31:48
  But before you do that, there is a couple years of learning.
• 31:52
  This was 2013. Michael Saylor was a billionaire
• 31:56
  back then. He could have bought in millions
• 31:59
  of Bitcoin back in 2013 for the price of what he's paying for
• 32:04
  right now. And he's acknowledged that this
• 32:07
  is a tweet from December 18th, 2013.
• 32:09
  He says #bitcoins days are numbered.
• 32:12
  It seems like just a matter of time before it suffers the same
• 32:15
  fate as online gambling. Now I've heard this like I've
• 32:20
  I've dedicated my life to making Bitcoin content and orange
• 32:24
  peeling people. The only person I haven't been
• 32:27
  successful with is a high school friend of mine who is who
• 32:30
  currently works at Goldman Sachs.
• 32:33
  But you know the soon as the ETF got approved, I'm like, hey, you
• 32:36
  work for Bitcoin now how do you feel?
• 32:37
  And he said F you. But that's the only person I
• 32:40
  haven't successfully orange peeled.
• 32:42
  Every single other person, the reason that they've been orange
• 32:45
  peeled is because of number go up.
• 32:48
  Like number go up is like sticker shock.
• 32:50
  It's like it. It like shakes you into reality
• 32:53
  and you're like, holy crap, this thing is real.
• 32:55
  When something goes from 100 or $200 and then someone told you
• 33:00
  to like, buy it at 100 or $200.00 or $500 or $1000 and
• 33:05
  it's sitting at 51,000, that hurts your soul.
• 33:09
  That like goes inside and you're like, ow, I am wounded right
• 33:13
  now. That sucked ass.
• 33:15
  And then you learn from your mistakes, right?
• 33:18
  And this is what I call the price of tuition.
• 33:21
  Everyone pays it. It took me at least a year and a
• 33:25
  half, two years to fully appreciate Bitcoin.
• 33:28
  I got in, I got in through mining.
• 33:29
  So it was I had a had a better appreciation of the
• 33:33
  infrastructure that mines Bitcoin.
• 33:35
  So I always kind of knew it was unique.
• 33:37
  But still regardless, you know I burnt my finger on the stove.
• 33:40
  I know Opti did. I don't know about Jim, but I'm
• 33:43
  pretty sure just cause 99% of people go through this process,
• 33:46
  right? So this brings me to Dave
• 33:49
  Portnoy, right? Opti, what do you think would be
• 33:53
  better for the show? Should we play the Winklevi
• 33:55
  video first or this first? No, no.
• 33:58
  Play this and then, and then we'll play, Yeah.
• 34:00
  OK, so this is February 16th, 2024, and Dave Pointe said I
• 34:07
  reeled myself on Bitcoin and why?
• 34:11
  Well, you know, he's very wealthy man, extremely
• 34:14
  successful, right, Barstool Sports, he literally grew that,
• 34:18
  you know, spent a decade like just hustling building that up,
• 34:22
  you know? And you know, he's, he's a lot
• 34:25
  of money, right? And what better place to park if
• 34:30
  you have a high net worth, at least a percentage of your net
• 34:32
  worth, into Bitcoin. And this is the realization that
• 34:34
  he's come through. But a couple things, ladies and
• 34:37
  gentlemen. Not only do you have to pay the
• 34:39
  price of tuition, you have to be OK with what Michael Saylor says
• 34:43
  right here. And it's a very tough pill to
• 34:46
  swallow. Everybody gets Bitcoin at the
• 34:49
  price they deserve, right? Here's Phil Geiger from
• 34:52
  Unchained. The best time to buy Bitcoin was
• 34:55
  15 years ago. The second best time to buy
• 34:58
  Bitcoin is every day starting today, right?
• 35:01
  So this goes to anybody who's newly subscribed to simply a new
• 35:05
  watcher or listener like you're going to feel this way 10 years
• 35:12
  from now if you don't act on today, right?
• 35:17
  If I would have told you the price of Bitcoin was 51,010
• 35:21
  years ago, you would have laughed me out of the effing
• 35:23
  room. There's that famous video of
• 35:24
  Andreas Antonopoulos giving a speech to a Bitcoin conference.
• 35:27
  There's no one in the room and the price of Bitcoin was $100,
• 35:31
  right? So when this thing sitting at a
• 35:33
  couple $1,000,000 per coin, 1015 years from now, you're going to
• 35:38
  be like, bro, remember when it was 51,000?
• 35:40
  Like, it's inevitable, right? So anyways, Dave Portnoy is
• 35:46
  paying the price of tuition and I think most importantly, he
• 35:49
  learned. Anyways, let's check it out.
• 35:51
  Holy shit, I fucked myself so hard.
• 35:55
  Bitcoins at 52,000. God damn, I fucked myself with
• 35:58
  Bitcoin. God damn I fucked myself with
• 36:01
  Bitcoin. That's one of those things that
• 36:03
  I just fucked myself with. I'll never get over what I've
• 36:05
  done with Bitcoin. Just a total debacle.
• 36:08
  I have fucked myself so hard with Bitcoin.
• 36:11
  Barstools should have owned Bitcoin.
• 36:13
  The second I got Barstool back, I should have bought like 10
• 36:16
  million of parcel of of Bitcoin. I'm so mad at myself about
• 36:19
  Bitcoin. It should be up like 75% of
• 36:22
  Bitcoin. It should be up 750 grand in
• 36:24
  Bitcoin instead of down. Fuck Dave.
• 36:29
  So again, takes a little bit of humility.
• 36:32
  Here's Bitcoin news they It looks like they made a short out
• 36:34
  of the original kind of interview.
• 36:37
  Now this is, this is him with Jack Mahler's I believe, and
• 36:40
  he's and he's reflecting on the winkle by video.
• 36:43
  I didn't find the winkle by one, but you guys can find it on the
• 36:47
  just play it. Bitcoin.
• 36:48
  What happened? It was COVID times.
• 36:51
  I was didn't know what the fuck Bitcoin was.
• 36:54
  I was in the Hamptons, just so happened.
• 36:56
  The Winklevoss twins were like staying a door down for me.
• 37:00
  I had bought Bitcoin. It was 11,000.
• 37:04
  They heard. I bought it.
• 37:05
  They like, let us explain it to you.
• 37:06
  They came over to my apartment and they explained Bitcoin.
• 37:09
  It was fucking cockamamie. What they explained to me was
• 37:13
  like Elon Musk was going to fly to outer space and mine Bitcoin
• 37:18
  from the sky or gold from the sky is going to rain plentiful.
• 37:22
  And I'm like are you guys fucking serious?
• 37:24
  And like, yeah, it was the videos I.
• 37:26
  Was like gold. From Ash, yeah.
• 37:27
  I'm like, this is fucking crazy. The second they left, I was like
• 37:31
  sell like because like these fuckers, I don't want.
• 37:34
  No, I don't know what they just said, but I want no part of it
• 37:37
  within two days is when Bitcoin went on the run, it went from
• 37:42
  like 11 of 20 to 30 to 40 to 50. Yeah, you got killed.
• 37:46
  Bitcoin. What happened?
• 37:49
  OK, all right, all right, hold on.
• 37:52
  Let's let's reel it back in. Jim, as a financial planner, Oh,
• 37:56
  do how do you avoid a situation like this?
• 38:00
  What? What?
• 38:01
  My interpretation is basically they just went way too, like,
• 38:06
  like this is I know what happened.
• 38:08
  I could, I already can tell what happened in that conversation.
• 38:10
  It was like, listen, absolute scarcity.
• 38:13
  There's only 21 million of what about gold?
• 38:15
  Well, you don't know how much gold is in the ground.
• 38:18
  There's asteroids with a bunch of gold in them.
• 38:20
  And he was like, holy fuck what is going on?
• 38:22
  And he got nervous and he sold like, that's what happened.
• 38:25
  But Jim, how do you avoid this, especially for the older
• 38:28
  generation which tends to have all the money, the boomer
• 38:30
  generation, right? How do you, how do you explain
• 38:33
  Bitcoin in a way where it doesn't intimidate them?
• 38:38
  Fortunately, I'm not super smart, so I have to understand
• 38:41
  things that first principles and keep things simple.
• 38:44
  So I do the same for everyone else I talk with so I don't try
• 38:48
  to get way out there and start getting all goofy with these
• 38:53
  things. I make it simple.
• 38:56
  I root them in education. Education builds conviction and
• 38:59
  conviction. Conviction builds strong hands.
• 39:01
  So I make sure they're educated and they're educated in what is
• 39:03
  important. So for all my clients, we
• 39:07
  currently have about 77 clients of that.
• 39:10
  About seventy of them came to us without Bitcoin at all or
• 39:14
  knowing about it or anything. And I don't lead with that.
• 39:17
  I've taken a lot of heat from Twitter for not having Bitcoin
• 39:21
  on like my financial planning website.
• 39:23
  It's like, oh, you call yourself Bitcoin or you don't advertise
• 39:25
  it. Look, I'm trying to help your
• 39:27
  parents and your grandparents and yeah, if if I were to lead
• 39:32
  with Bitcoin, I wouldn't be able to get them in.
• 39:34
  So I make sure we meet multiple times, I build a financial plan,
• 39:37
  I present value and I show them not a moron by showing other
• 39:41
  things I can bring value through, like tax planning and
• 39:44
  estate planning and those sorts of things.
• 39:45
  Once I've established credibility and value, then I
• 39:48
  say, hey, let's talk about your investments and you should know
• 39:50
  something. I'm sort of crazy.
• 39:52
  Just be aware of that. But tell me what you've heard
• 39:55
  about Bitcoin. Because I own Bitcoin, and
• 39:57
  pretty much all of our clients own it as well.
• 39:59
  So we start there, and I asked them first just get off their
• 40:02
  chest what they know about Bitcoin.
• 40:05
  If, if they have some sort of argument in the back of their
• 40:07
  head, it doesn't matter what I present, I can present the best,
• 40:10
  well articulated argument for Bitcoin.
• 40:12
  But if they're thinking it's going to boil the oceans, they
• 40:14
  won't hear a single thing I have to say.
• 40:16
  They'll be ready, waiting for me to stop long enough for them to
• 40:18
  spew that out. So I let them get everything off
• 40:21
  their chest first. And then we address those
• 40:24
  lightly. Or I can set that aside and say,
• 40:26
  OK, we're going to talk to that in a moment, but let's just
• 40:28
  start off with, like, why Bitcoin makes sense.
• 40:31
  And we cannot understand Bitcoin until we start with addressing
• 40:35
  the problem that Bitcoin settled to solve.
• 40:37
  So then I take them through a quick lesson on stores of value
• 40:41
  and forms of money. We go from way back when, all
• 40:45
  the way through the 1970s, and then we go into cryptography and
• 40:52
  people trying to create digital money and then we arrive at
• 40:56
  Bitcoin. So once we've got there, then we
• 40:58
  talk through actually applying Bitcoin to a financial plan and
• 41:01
  it's that that base level of education, it works every time.
• 41:06
  So yeah, all of our clients own Bitcoin.
• 41:08
  We have a very high adoption rate.
• 41:10
  Like, right now, our average client has a very high
• 41:13
  allocation of their total investable assets to Bitcoin.
• 41:16
  I get, I think most people would call it irresponsibly allocated.
• 41:21
  But most of my clients will start off and they'll throw in
• 41:24
  like, all right, let's do, let's start off with 10 to 20% total
• 41:26
  allocation. And then after that conversation
• 41:29
  and I'll say, hey, look, that was great, Let's start off here.
• 41:32
  I'm going to send you a few more resources.
• 41:33
  I'll send them a couple of podcasts, maybe I'll send them a
• 41:35
  copy of a book. And then without without doubt,
• 41:40
  they'll follow up with me a couple months later.
• 41:43
  It's like, hey Jim, can we go to increased allocation a little
• 41:45
  bit more? And that happens every time.
• 41:46
  Last night I had eight meetings yesterday.
• 41:48
  I'm, I've lost my voice almost because I talked to a bunch of
• 41:50
  people and most of those, we bumped their Bitcoin allocation
• 41:54
  up another 1520% of their total portfolio.
• 41:57
  So yeah, it's rooted in education and we keep it simple.
• 42:00
  Actually, I've I have Legos in my hand in my office.
• 42:03
  I have a bunch of young kids and I just found Legos in my office.
• 42:07
  I guess one of them stuck them in here and it sort of got me
• 42:09
  thinking, like, if I'm going to teach my kids about Legos and
• 42:13
  building things, I'm not going to explain, like how plastics
• 42:16
  made. I'm like, oh, the shape of this
• 42:18
  and blah blah, blah. It's like, look, here's how it
• 42:20
  works. We can put them together and if
• 42:22
  we have a good foundation, we can build a taller tower.
• 42:25
  Here's the basic principles of why this is important.
• 42:28
  That will allow them to start building and learn and grow
• 42:31
  versus trying to make things overly complex like, oh, you're
• 42:34
  mining asteroids and hash rate and all that stuff.
• 42:37
  Like normal people don't care about hash rate way up front.
• 42:41
  They don't care about the the coding of Bitcoin generally.
• 42:44
  They need to understand that to have security, but they want to
• 42:47
  know why is this important to me right now.
• 42:49
  So we start off with general education, allow that to then
• 42:53
  build conviction and then allow conviction to actually allow
• 42:55
  them to have strong hands. I had a lot of clients who had
• 42:59
  Bitcoin at 69,000, wrote it down, wrote it down to 16,000
• 43:02
  and amazingly enough during that write down I had zero clients
• 43:05
  reach out to me and say hey Jim, let's go ahead and get out
• 43:07
  please. A lot of them reached out and
• 43:08
  said, hey Jim, let's go ahead and add to the allocation.
• 43:11
  February of last year, we do all of our annual reviews for
• 43:13
  clients. In February, February of last
• 43:16
  year we're doing our annual reviews.
• 43:17
  I was like hey guys, right now we're at, it's called a 20%
• 43:21
  allocation. We want to go ahead and put our
• 43:23
  foot on the gas and increase this pretty heavily.
• 43:26
  And I didn't get any pushback. And the only reason we're able
• 43:28
  to do that was because we had that conviction that was, again,
• 43:32
  built in education. Super simple.
• 43:34
  Don't over complicate things. Orange pull your friends, make
• 43:37
  it simple. Don't don't talk to them about
• 43:39
  the things that excite you about Bitcoin.
• 43:41
  Talk to them about the easy things.
• 43:43
  They have to understand the history.
• 43:44
  If if we do not address the proper questions, we will not
• 43:47
  arrive at the proper answer. If we're talking about Defy and
• 43:52
  whatever block chains, it's easy to arrive at altcoins like, Oh
• 43:58
  well, this, this thing that's built on a block chain will have
• 44:01
  a better return. It's like, well, I think you're
• 44:03
  trying to answer the question that Bitcoin did not set out to
• 44:05
  solve. What was that question?
• 44:07
  And if we ask the right question and you think things through
• 44:09
  logically, you should arrive at the right answer.
• 44:12
  Beautiful, beautiful guys. There's 400 people watching
• 44:15
  across all platforms. If you're enjoying the show,
• 44:17
  make sure to smash that like button.
• 44:20
  Really, really helps with the algos.
• 44:21
  Really helps push our message forward.
• 44:24
  Now going back to Jim's point was beautifully articulated.
• 44:29
  That was very well explained. I completely agree.
• 44:34
  But I did learn this lesson the hard way many, many, many times.
• 44:38
  Yes, it it's definitely a good idea to and I love the way that
• 44:43
  you approach it, right. Establish that ration first,
• 44:46
  establish that trust and then you know kind of bring it up and
• 44:50
  say, hey you know, have you heard of this Bitcoin thing.
• 44:53
  But just to, you know, you gave us a little bit of a insight
• 44:56
  into, you know, your clients and how bullish they are into this
• 44:59
  man, that that that is, that is really, really good to hear, you
• 45:03
  know, that people are seeking, you know, basically an
• 45:07
  alternative asset, right. Michael Saylor called it a new
• 45:10
  asset class. But that is very, very, you
• 45:13
  know, that's how we win. Like that's how we meant new
• 45:16
  bitcoiners. Because people aren't going to,
• 45:19
  you know, vote against the thing that you know is in their
• 45:23
  portfolio, right. It's just the reality, right?
• 45:25
  Like if you know they pass like an anti type of Bitcoin law and
• 45:29
  then, you know, that might hurt a lot of people.
• 45:32
  You know a lot of people aren't gonna be happy if it hurts their
• 45:35
  bottom line, right? So, and I think This is why
• 45:37
  Elizabeth Warren's so terrified. She was so terrified of the ETS
• 45:40
  for that reason. Anyways, Opti, what's your take
• 45:42
  on this before we move on to the culture?
• 45:45
  Yeah. First and foremost, I kind of
• 45:46
  want to jump on what Jim was saying as well.
• 45:49
  Like, you know I I've matured in my orange Pilling journey.
• 45:52
  I I used to go just like full Charlie Day.
• 45:54
  You know, connecting all the dots, ranting like saying what?
• 45:58
  Like what Jim's saying, what's most exciting to me?
• 46:01
  And with the things that I love. And over the years, I had to
• 46:04
  kind of like pull back and and try to be as objective as
• 46:06
  possible and reflect and and realize that sometimes, you
• 46:09
  know, I do go overboard and I did sound crazy.
• 46:12
  And at the time, you're just so excited.
• 46:14
  You're just like blurting out too much stuff.
• 46:16
  Just a bunch of verbal diarrhea And you know, so.
• 46:18
  So I don't really blame the Winklevibe because I think we've
• 46:21
  all done it at a point like I I realize, I know for a fact that
• 46:24
  I've done it and it's just it, you know, it's I don't really
• 46:27
  want to laugh. I don't like laughing at people
• 46:29
  that make mistakes. But it is kind of hilarious.
• 46:32
  You know how Dave like that video?
• 46:33
  He's like, man, I just, I wrecked myself.
• 46:36
  It's just hilarious. You know that video is hilarious
• 46:38
  in itself. But I do respect Dave Portnoy.
• 46:41
  Like he's a great entrepreneur, built a media empire.
• 46:43
  He's hilarious. The pizza reviews are hilarious.
• 46:46
  Like, I think he's a good dude. And it really just goes to show
• 46:51
  a theme that we've been talking about here a lot on the on on
• 46:53
  simply Bitcoin is that Bitcoin is saturating popular culture.
• 46:57
  But even he himself said, like he wrecked himself trading
• 47:01
  Bitcoin. You know, just tried to over
• 47:04
  trade. You know, bought it at a good
• 47:06
  time, sold it too fast, missed the run, probably bought the
• 47:10
  tops and sold the bottoms. I think a lot of people have
• 47:14
  caught themselves in that same vicious cycle.
• 47:18
  And you can kind of tell for a moment there, I don't know if
• 47:21
  you guys followed the day Portnoy Bitcoin saga but there
• 47:25
  was a moment there where he kind of was just like sunk cost
• 47:27
  fallacy. He's just like man, I just got
• 47:29
  so wrecked, I missed the whole the whole pump of Bitcoin and
• 47:33
  now he's kind of getting back in at the at a pretty good time And
• 47:36
  so I think he will be a good advocate for Bitcoin.
• 47:39
  But he does have that like Davey day trader persona.
• 47:42
  So maybe he's going to wreck himself again and try to over
• 47:45
  trade Bitcoin. But it just goes to show what we
• 47:47
  tell most people here. You know the best conservative
• 47:50
  advice is just buy Bitcoin, take it into cold storage, huddle it
• 47:54
  through the ups and downs because you never know where the
• 47:57
  top is and you never know where the bottom is.
• 47:59
  Yes. Everyone thinks they can be a
• 48:00
  professional trader. Yes, everyone thinks they can
• 48:03
  out trade the market. But in reality, just buy Bitcoin
• 48:06
  for the long term. I even had a friend call me,
• 48:08
  he's like, you think Bitcoin's going up.
• 48:09
  I'm like, you know me, I always think Bitcoin is going up.
• 48:12
  But like the conservative trade and he was telling me like,
• 48:15
  yeah, man, I was trading stocks and I got absolutely decimated.
• 48:18
  I'm like, OK, OK, like settle down.
• 48:20
  Like the conservative trade is just buy Bitcoin long term.
• 48:22
  He's like, yeah, I'm, I'm, I'm, I've changed.
• 48:24
  I'm reformed. I'm trying to be as conservative
• 48:26
  as possible. I'm like, all right, just buy
• 48:28
  Bitcoin long term. And he did even did like, well,
• 48:30
  what about all these altcoins? I'm like, again, like the
• 48:32
  conservative view here is just buy Bitcoin to huddle it for the
• 48:36
  long term and just huddle that Bitcoin.
• 48:39
  It's super simple. But I think we kind of get
• 48:42
  caught up in the whole tradfi view of like the status quo of
• 48:46
  over complicating your investments because you know
• 48:49
  you're always looking for the new hot thing.
• 48:51
  But Bitcoin being, for lack of a better term, just like a boring
• 48:55
  monetary network that just increases in value over time.
• 48:59
  The more capital you put in, the more of your labor and energy
• 49:02
  you put in and you store it Bitcoin, the better off you will
• 49:05
  be in the future. And I think even Dave, it's
• 49:08
  probably coming to the point that all of us bitcoins have
• 49:11
  gotten to. Well, most of us bitcoins have
• 49:13
  have come to at a certain point that Bitcoin humbles you.
• 49:16
  You realize you don't know as much as you do or you realize
• 49:19
  you don't know as much as you think you do and you're just sit
• 49:22
  back and like man, if I just didn't out trade myself in that
• 49:26
  position, I would be in a good position right now.
• 49:29
  And it just goes to show guys, just don't complicate this, just
• 49:32
  stacking Bitcoin, go live your life.
• 49:35
  What do I used to say? You know, saving Bitcoin, stay
• 49:38
  solvent a little, just a little bit, just a little bit and go
• 49:42
  live your life. Like Bitcoin will be here for
• 49:44
  you when you need it. And that's the beauty of it.
• 49:46
  And again, just doubling down like this is another example of
• 49:50
  Bitcoin spreading through popular culture.
• 49:52
  Yes, I know most Bitcoiners view themselves as individuals,
• 49:56
  critical thinkers. And so, like, we don't care who
• 49:58
  the new talking head is about Bitcoin.
• 50:00
  We try not to endorse like celebrities and and heroes and
• 50:04
  Bitcoin. But this is good for Bitcoin
• 50:06
  because for, you know, for better or worse, people do
• 50:09
  listen to people like Dave Portnoy, like celebrities, you
• 50:12
  know, like the talking heads and influencers.
• 50:15
  And the more people talk about Bitcoin, the more people will
• 50:17
  have those touches of Bitcoin and realize, oh wait, Bitcoin
• 50:21
  didn't die. Like, oh wait, Bitcoin may be a
• 50:23
  good long term investment. But Nico, did you catch that
• 50:26
  little bit there where he was saying, man, Barstool should
• 50:30
  have just put Bitcoin on its balance sheets when I got that
• 50:33
  money? It's like, remember what we
• 50:34
  always say, the Michael Saylor meme of like he has been
• 50:38
  vindicated And now every corporation around the world is
• 50:42
  looking at that and being like, wow, maybe I just put a little
• 50:46
  Bitcoin on my company balance sheet and it will blow up my my
• 50:51
  earnings and my savings and I'll be able to weather the storm
• 50:55
  moving forward. So even Dave Portnoy and and the
• 50:58
  chats excuse me not not liking Portnoy too much.
• 51:01
  Hold on, I'm choking over here, but he is starting to see the
• 51:06
  game. It's like maybe I just add
• 51:07
  Bitcoin to my company balance sheet and this is going to
• 51:11
  improve. I don't have to over trade this.
• 51:13
  I don't need crazy complicated financial products pause and
• 51:20
  just hold Bitcoin. But we're going to see more and
• 51:22
  more examples of this and and again kudos to Dave Portnoy for
• 51:27
  Portnoy for for being humble enough to just like put it all
• 51:31
  out there and document his journey and be like, yeah man, I
• 51:33
  got absolutely wrecked. But like I'm getting back in the
• 51:36
  market like that does take some balls because most people try to
• 51:39
  hide their shame and he's like, this is who I am.
• 51:42
  I absolutely wrecked myself and I'm just going to huddle some
• 51:45
  Bitcoin. So hopefully he's he's learning
• 51:48
  and he's going to huddle some Bitcoin and and just be a fool.
• 51:51
  Adamant bitcoiner. I would love to see it so you
• 51:54
  know, be nicer to people out there, I guess.
• 51:56
  Maybe it's the final message that we don't know everything.
• 52:00
  Dude, I mean, it's not only just like be nicer, it's that like
• 52:03
  every like, dude, you dude or Dudette, you probably went
• 52:07
  through this shit too. Okay.
• 52:09
  Like like I haven't met. Like it's like extremely rare
• 52:14
  for me to meet a bitcoiner. And I've been at this for a
• 52:17
  pretty long time. Like literally like 1/3 of my
• 52:20
  life that hasn't paid the price of tuition, that hasn't fucked
• 52:26
  up, that hasn't. I've heard horror stories of
• 52:28
  people selling their Bitcoin, you know, to buy shit and that
• 52:32
  Bitcoin was like a couple $100, right?
• 52:34
  You know, it's like it's like you hear that over and over and
• 52:37
  over again. It's only through pain that you
• 52:40
  learn not to do those things again.
• 52:43
  So he at least he has the humility to acknowledge that and
• 52:46
  see it. But let's see if he actually
• 52:48
  takes action and stack some Sats.
• 52:51
  Anyways, I do wanna give a shout out to our sponsor, Bitcoin
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• 53:39
  All right everybody, let's get to the culture, the daily
• 53:44
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  All right, Abdi, I'm gonna hijack this for a SEC because I
• 54:43
  got. Some questions Wait, wait, wait.
• 54:46
  Before you go before you go, questions for hold on you go.
• 54:48
  Before you go. I just wanna, I just wanna like
• 54:51
  set the context here and and do the tee up like Jim, how did you
• 54:55
  come to Bitcoin? And then Nico, you can hijack.
• 54:59
  Short story made long No, I don't do that.
• 55:02
  I was introduced to Bitcoin in 2012.
• 55:04
  A guy I worked with in Colorado asked her boss to pay us in
• 55:07
  Bitcoin like every week. And the guy was always stoned,
• 55:11
  though, so I didn't put much weight in what he was saying.
• 55:15
  So yeah, just dismissed it. And then I started getting into
• 55:19
  it like late 2015, early 2016. That was really interesting when
• 55:23
  Preston Pish and Stig on the Investors podcast started
• 55:27
  talking about it more as a speculative curiosity.
• 55:31
  So that piqued my interest, but again, sort of started dabbling
• 55:34
  in it, but not in a serious level.
• 55:36
  And then yeah, it was when COVID happened.
• 55:39
  So when the lockdowns took place March 2020, I quickly started
• 55:44
  thinking I was at that point. I've been working in finance for
• 55:46
  several years and I was thinking and like if if all this, if we
• 55:50
  can start printing money out of nowhere at this rate something
• 55:54
  is massively broken and I need to find something that's a hard
• 55:56
  asset that to to that will fix this system.
• 55:59
  So I started looking deeply into gold and Bitcoin and after, I
• 56:05
  don't know a few days of non-stop reading came to the
• 56:10
  conclusion that I need to just go ahead and drop full in
• 56:12
  Bitcoin. So yeah, it's March 2020, I
• 56:14
  moved all of our personal assets into Bitcoin and just went from
• 56:18
  there. And yeah I I left end up leaving
• 56:21
  a firm that I was at. I I felt weird having all my
• 56:24
  personal assets in Bitcoin yet not allowed to talk about it
• 56:27
  with clients. So left there in 2021, started
• 56:30
  my own firm and now it's part of my job as orange peeling
• 56:32
  clients. Hell yeah.
• 56:34
  Love it. Love it.
• 56:35
  I'm gonna go. OK.
• 56:38
  So let's talk about the kind of the over financialization like
• 56:43
  and the whole aspect of it, right.
• 56:45
  Like if you take a look at financial planning and the
• 56:49
  whole, you know, like these giant wealth management banks
• 56:52
  and the reason that they exist, really it's just, you know,
• 56:57
  you're trying to grow your wealth, right?
• 56:59
  You take more risk, you take more risk.
• 57:01
  But preserving your wealth is also a strategy, especially if
• 57:04
  you're getting older, right, And you're forced to be an investor
• 57:08
  like, which is the craziest part.
• 57:10
  Like bitcoiners fundamentally understand that.
• 57:13
  But the idea that you have to invest just to maintain your
• 57:18
  purchasing power just to maintain your wealth is
• 57:21
  absolutely absurd to me, right. I think Bitcoin changes that
• 57:25
  conversation. So from someone who's a
• 57:27
  financial planner, like how do you, how do you come to terms
• 57:30
  with that? Like how do you come to terms
• 57:32
  with the fact that you know like or do you still think that that
• 57:37
  there is going to be a A, a level of expertise even with
• 57:41
  Bitcoin in the conversation? So two things there.
• 57:45
  One to the You have to invest. That's something I've been
• 57:48
  telling people for a long time, like people don't like to take
• 57:50
  risks with their money. But people who say I want
• 57:53
  something that I don't like taking risks, therefore I want
• 57:55
  to sit in cash helping them understand that everything you
• 57:58
  do with your money is some sort of risk or another.
• 58:02
  So that's really important. You're just taking different
• 58:04
  types of risks. As far as my job with Bitcoin, I
• 58:08
  don't think Bitcoin will make me unnecessary.
• 58:11
  And if you think that all I do is manage investments, you don't
• 58:14
  understand my job. So that doesn't worry me by any
• 58:18
  means. I think this, I think this
• 58:19
  industry will always be around. Now.
• 58:21
  I hope that a lot of things that I do will no longer be
• 58:24
  necessary. Like, I used to hate this,
• 58:26
  especially a few years ago when interest rates were still low on
• 58:30
  houses. And like where I live in Texas,
• 58:32
  my house appreciated, appreciated.
• 58:34
  It gave the dollar depreciated by like 33% in was it 2021.
• 58:39
  So those conversations were terrible.
• 58:41
  Like, hey Jim, we want to buy a house in the next one to two
• 58:43
  years. Where do we?
• 58:45
  What should we do with this chunk of change that we're
• 58:48
  sitting on right now? The, the options, I mean there's
• 58:51
  unlimited, but the the general options were you keep it in cash
• 58:54
  and risk that you are being out outpaced by house value by 33%
• 58:58
  per year. You go throw it in a bond and
• 59:01
  risk that the government's going to go ahead and start raising
• 59:04
  interest rates and your bond value's going to get destroyed.
• 59:08
  You throw it in stocks and hope the stock market is a get
• 59:12
  trashed because I mean that's is that's dependent on a few
• 59:16
  centralized mechanisms as well that's that should not be a
• 59:20
  necessary conversation. If we had a healthy form of
• 59:23
  money, it'd be like look just yeah, save it in money.
• 59:27
  Money should preserve value purchasing power.
• 59:30
  Now where I live, yes, the population is growing steadily
• 59:34
  but our, yeah, yeah, our house shouldn't have gone up by 33%.
• 59:37
  So it's like all right if we think that that our town is
• 59:39
  going to grow by 7% this year, then in theory houses should go
• 59:43
  up by around 7%. So we just need to know that
• 59:46
  you'll have X + 7% next year and you should be good.
• 59:51
  Yeah, I I hope those conversations are no longer
• 59:54
  necessary eventually. But yeah, it will certainly not
• 59:58
  de necessitate my job in its entirety, but to whatever level
• 1:00:01
  it does, I welcome it. And so and let's talk about
• 1:00:04
  that, right. So, So what aspects of of your
• 1:00:08
  job do you feel like you you still are going to be able to
• 1:00:12
  provide value to people You're still going to say, hey listen,
• 1:00:16
  this is where I can help you. This is where I can, you know,
• 1:00:18
  help you with your portfolio, your net worth.
• 1:00:21
  What aspects of of of your job do you see, you know, Do you see
• 1:00:26
  staying remaining no matter what?
• 1:00:30
  Lots. I don't want this to sound like
• 1:00:32
  it's a commercial for my business by any means, but like
• 1:00:34
  what I do is help people align their money with what's
• 1:00:37
  important to them. So there's even if you have all
• 1:00:40
  the money in the world, most people are not actually
• 1:00:43
  utilizing it for what is actually important in the life.
• 1:00:45
  I've worked with a lot of really wealthy people who are very
• 1:00:48
  dissatisfied at the end of the day.
• 1:00:49
  That's because they realize, man, my kids are grown.
• 1:00:52
  And when I was younger, I said that I want to make money so I
• 1:00:55
  could actually spend a lot of time with my kids and make
• 1:00:57
  memories with them. And we're sitting in my office
• 1:00:59
  and we're talking to their money.
• 1:01:00
  Then I ask, hey, you said you wanted to have this money so you
• 1:01:03
  can spend time with your kids and they can have a great
• 1:01:05
  childhood. How was that?
• 1:01:06
  I've had countless people breakdown in tears in my office
• 1:01:09
  at that moment, realizing, I don't know, I spent too much
• 1:01:13
  time working that I never actually got to have that time
• 1:01:14
  with them. That's killer.
• 1:01:16
  And if it's if it's Bitcoin or Fiat, they're still at risk of
• 1:01:20
  doing that. So reminding people to align
• 1:01:23
  their money with what they value.
• 1:01:24
  So that will always be a job one day.
• 1:01:28
  You know, I think it's sort of funny right now.
• 1:01:30
  Like I do spend Bitcoin. I love Ben Justman his wine.
• 1:01:33
  I regularly buy his wine with Bitcoin.
• 1:01:35
  But all bitcoiners do not separate with their Bitcoin.
• 1:01:38
  And I think that could be a bad marketing pitch of like I will
• 1:01:42
  never sell my Bitcoin because then people who don't understand
• 1:01:44
  Bitcoin will think when how will ever be used as money.
• 1:01:47
  So we need to be better with our words there.
• 1:01:50
  One day everyone will part with their Bitcoin.
• 1:01:53
  It's just for what can you purchase with it?
• 1:01:54
  So another job is if Bitcoin is actual day-to-day money, then
• 1:02:00
  people will want to part with that to buy other investments
• 1:02:02
  that will one day happen again when other assets are repriced
• 1:02:06
  at a better level, helping people understand what makes
• 1:02:09
  sense from a risk adjusted perspective to sell their
• 1:02:12
  Bitcoin for to buy another asset.
• 1:02:14
  So there's that. There's obviously there's so
• 1:02:16
  much tax planning in even in Bitcoin right now, there's tons
• 1:02:19
  of tax planning. I think that will always remain
• 1:02:21
  in Bitcoin. And then with other assets
• 1:02:22
  there's a state planning. Yeah, it was a million things.
• 1:02:25
  So I mean everything I do, like I live anywhere and everywhere
• 1:02:28
  that your life and your money meet.
• 1:02:29
  That doesn't just mean invest it investments or or money itself.
• 1:02:34
  It's it's that culmination of everything in life.
• 1:02:36
  Like money is just a tool to help you do what's important to
• 1:02:39
  you in life. And my job is to help you
• 1:02:41
  articulate what that is and then align your resource with that
• 1:02:43
  from your money, your time, your relationships, your business.
• 1:02:47
  So yeah, I'll always have a job. Beautiful.
• 1:02:50
  Yeah. OK, I got you now.
• 1:02:52
  Now I'm understanding. So essentially you enable you
• 1:02:55
  help people to live the life they want to live based on like
• 1:03:01
  the resources and the net worth they have.
• 1:03:04
  And Bitcoin is one of the tools that you use to enable that.
• 1:03:08
  But also, you know, real estate or also alternative investments
• 1:03:12
  as well. Is that safe to say?
• 1:03:13
  Is that good to say? Yeah, I'm.
• 1:03:16
  I'm really good at making bad analogies.
• 1:03:18
  So here's one like, yes, it's a really bad one.
• 1:03:23
  So let's say you're a you're a surgeon, and then a new tool
• 1:03:28
  comes out that allows you to do open heart surgery in a better,
• 1:03:32
  quicker, safer manner. That doesn't mean the surgeon's
• 1:03:35
  no longer necessary. It just means that I have this
• 1:03:37
  tool that will make our job so much better and will make the
• 1:03:39
  outcome so much better for you as the patient.
• 1:03:43
  That's sort of like Bitcoin. I have like so many clients.
• 1:03:46
  It's sort of a joke. Now they come, they come to me,
• 1:03:47
  hey Jim, we want to go and do this.
• 1:03:49
  What do you think? And it's like, what do you think
• 1:03:51
  I'm going to say and because they know it's the chances are
• 1:03:54
  I'm probably going to say something about Bitcoin.
• 1:03:57
  Those we have to run it through. Even if the answer is not
• 1:04:00
  Bitcoin, we have to run it through that lens and check it
• 1:04:03
  against that opportunity cost. But that still does not
• 1:04:05
  obfuscate my my role, in the same way that a phenomenal tool
• 1:04:10
  does not obfuscate the role of the surgeon, because Bitcoin is
• 1:04:13
  simply a tool to be used wisely in the hands of the
• 1:04:16
  practitioner. Absolutely, absolutely.
• 1:04:18
  Very interesting, very interesting.
• 1:04:20
  So, Jim, let me ask you something.
• 1:04:22
  So the allocations have changed, right?
• 1:04:26
  A lot of people were looking into.
• 1:04:28
  Wait, wait, wait, Nico, this is not financial advice for the
• 1:04:31
  audience, but. All the all the disclosures.
• 1:04:34
  Yeah, all the. Disclosures.
• 1:04:35
  No, we have that in our disclaimer in every single video
• 1:04:38
  I. Know, I know.
• 1:04:38
  I just feel like maybe you should say that.
• 1:04:40
  But anyways, keep going. No, no, Let's talk about.
• 1:04:42
  No, no, no. I'm really curious about like
• 1:04:45
  the kind of the because Bitcoin changes the allocations, the
• 1:04:49
  portfolio setup and all that stuff, right.
• 1:04:51
  So in your mind, you know what is the right allocation to
• 1:04:55
  Bitcoin in a conservative portfolio?
• 1:04:58
  Let me pitch you. Let me pitch you in age, right?
• 1:05:00
  Let's say this person is a 60 year old person.
• 1:05:06
  They're gonna retire. They don't want to take the
• 1:05:08
  risk. Let's say they don't wanna deal
• 1:05:10
  with the volatility. That's something about Bitcoin
• 1:05:11
  that a lot of bitcoiners like. We're not all psychopaths that
• 1:05:15
  are willing to endure 80% downturns, like that could
• 1:05:18
  affect a lot of people's lives, right?
• 1:05:21
  So, So you know, if you're younger and you want to ape in,
• 1:05:24
  OK. But if you know you're 60 and
• 1:05:26
  you want a more, you know you want something a little bit more
• 1:05:29
  reliable, perhaps 100% Bitcoin allocation isn't for you, right?
• 1:05:35
  So what What would your suggestion be to someone like
• 1:05:38
  that 50-60 years old? You know, they're they're
• 1:05:42
  they're they're thinking about retirement.
• 1:05:44
  They want stability. What advice would you give them?
• 1:05:48
  All right, I'll pick you a few scenarios.
• 1:05:50
  So we'll start off with someone who's not that age.
• 1:05:51
  So for me, I'm 34100% of my liquid net worth is in Bitcoin
• 1:05:57
  besides AUS dollar emergency fund.
• 1:05:59
  But I'm weird, like I recognize that.
• 1:06:00
  I tell my clients that I'm very open.
• 1:06:02
  I forget that it's weird to talk about money because that's what
• 1:06:04
  I do for a living. So I'm very open and candid with
• 1:06:06
  with my personal financial life especially.
• 1:06:08
  They share everything with me. Might as well, you know, undress
• 1:06:11
  for them too. I know the comments can run with
• 1:06:13
  that. My gosh, So that's yeah, that's
• 1:06:18
  how I work. But then again I also I own a
• 1:06:20
  few businesses and my businesses I'm making sure are being built
• 1:06:23
  as assets. So I have this odd barbell
• 1:06:25
  strategy like I think that one day my financial planning
• 1:06:28
  company will sell for somewhere between 20 and 30 million and my
• 1:06:31
  goals would be able to do that in 11 years.
• 1:06:33
  So yes, my liquid net worth is going to Bitcoin and some
• 1:06:36
  publicly traded Bitcoin related companies, but I have this other
• 1:06:39
  thing that I'm building as well. So I recognize that if you work
• 1:06:43
  AW two job and you don't have this other asset, then maybe you
• 1:06:46
  shouldn't do what I'm doing now someone who's 60.
• 1:06:51
  OK, well this is really important as well.
• 1:06:52
  It's not necessarily, it's not necessarily your age that's
• 1:06:57
  important. Age can be indicative of your
• 1:07:00
  time horizon of the use of assets.
• 1:07:02
  But if you're 20, if you're 20 years old and you're going to
• 1:07:08
  need this money in six months to purchase a house, you probably
• 1:07:12
  also shouldn't have that in Bitcoin.
• 1:07:14
  I know, like bitcoins might hate that statement, but you're
• 1:07:16
  running a risk of Bitcoin going from 50 to 40 or 50 to 60.
• 1:07:20
  Is it worth that gamble? So you have to consider not just
• 1:07:24
  your age, but actually the time horizon for you specifically
• 1:07:27
  because we have to think through sequence of return risks.
• 1:07:30
  That's the returns and windows were returns will coincide with
• 1:07:33
  your distribution times. So I'm dancing around the answer
• 1:07:37
  now this isn't financial investment advice.
• 1:07:39
  All those fun things I would say on average our client and that
• 1:07:45
  demographic. Yes, I agree with that comment.
• 1:07:49
  I think that not owning in a Bitcoin is outrageously risky
• 1:07:52
  and even if you're 95 years old your I actually took some heat
• 1:07:57
  from this. I take a lot of heat in my
• 1:07:59
  industry. I'm I I did a podcast with blue
• 1:08:02
  collar Bitcoin a few years ago and they titled it the the black
• 1:08:05
  sheep of financial planning and that remains true to this day.
• 1:08:08
  I quarterly post on a financial planning forum about Bitcoin and
• 1:08:12
  then I get like 100 and something comments calling me a
• 1:08:13
  moron and I do look like a moron for like 2 1/2 three years every
• 1:08:18
  four years but for one year I look like I'm way smarter than I
• 1:08:20
  am. So it's fun.
• 1:08:22
  Anyways, let's see. OK, allocations in general that
• 1:08:28
  demographic, we're like 20 to 35%.
• 1:08:32
  I do have some clients who are right at retirement age who are
• 1:08:35
  like 50% in Bitcoin and Bitcoin related companies or ETFs, stuff
• 1:08:41
  like that. That's really high, but you have
• 1:08:43
  to consider other things. But for instance, I have a
• 1:08:46
  client there in their mid 60s. They currently are at 50% total
• 1:08:49
  allocation. But we also they have, they'll
• 1:08:52
  receive some inheritance probably in the next few years
• 1:08:55
  that will be in the tune of a couple of $1,000,000.
• 1:08:58
  So how I came to this conclusion, we were at, we were
• 1:09:01
  for them, we were at a 30% allocation.
• 1:09:04
  Then I was notified that hey, actually my dad, it was for
• 1:09:08
  them, their dad who's probably going to pass away in the next
• 1:09:11
  two or so years. We know that they have a life
• 1:09:13
  insurance policy that is equivalent to half of their
• 1:09:17
  total investable assets right now.
• 1:09:19
  So we take a life insurance policy that's it's in a term
• 1:09:23
  policy that's paid out in USD. So that's sort of like having a
• 1:09:28
  50% total portfolio allocation in cash.
• 1:09:32
  So if we were on half cash right now, so half of their total
• 1:09:35
  portfolio is literally in cash, we would account for that with
• 1:09:39
  how we currently allocate. So we went ahead and we adjusted
• 1:09:41
  for that and bumped their allocation Bitcoin to 50% of
• 1:09:44
  their current investable assets, which would arrive us at a 25%
• 1:09:48
  allocation. In reality.
• 1:09:50
  Is that still, I mean, again, most financial planners would
• 1:09:53
  say you should owe none. 99 of those who say you should will
• 1:09:58
  tell you to own 3% basically to pacify you.
• 1:10:01
  So you'll stop asking them about it.
• 1:10:03
  So that allocation is nuts. And yeah, that's you have to
• 1:10:07
  make sure they're educated. Again, I I use illustration of
• 1:10:10
  of anything investment wise. If you do not understand what
• 1:10:12
  you're buying and the volatility of it and I make sure they
• 1:10:16
  understand there's not volatility and risks are not
• 1:10:18
  equivalent. There's high correlation at
• 1:10:20
  times but they're not the same. But we talked through, you know
• 1:10:24
  your your ability to weather volatile times, we talked
• 1:10:30
  through risk tolerance and risk capacity.
• 1:10:32
  Those are two very different things.
• 1:10:33
  You have to recognize what those differences are.
• 1:10:35
  But with risk tolerance, we talked through like, look, if
• 1:10:38
  you want to buy this thing, you have to understand if you're
• 1:10:40
  going to sell this because it drops.
• 1:10:42
  That's like going to Six Flags, seeing other people, getting on
• 1:10:45
  a big roller coaster. You don't like roller coasters,
• 1:10:48
  but you're doing it because of you feel like it's what you have
• 1:10:50
  to do. And the moment you go over a big
• 1:10:52
  flip in your house, you're upside down.
• 1:10:53
  You realize, gosh, this freaks me out, You're going to take
• 1:10:55
  your seat belt off. You're killing yourself.
• 1:10:59
  So I try to front run any argument they're going to have.
• 1:11:02
  I front run. There will be times that this is
• 1:11:05
  scary to hold if you don't do not understand it.
• 1:11:07
  So it doesn't matter the age, you can be 20 and freak out
• 1:11:11
  because we're pretty emotional. That was answers to questions
• 1:11:14
  you didn't ask. I'm sorry.
• 1:11:15
  No, dude, that was great. That was a phenomenal answer.
• 1:11:18
  That was a great answer, dude, That was really on point.
• 1:11:21
  I could tell that you spend a lot of time honing in your craft
• 1:11:24
  and it's really badass that we have a bitcoiner inside the wire
• 1:11:28
  of the financial planners, right?
• 1:11:31
  We have a someone said in the chat, We have a psychopath and
• 1:11:35
  that's really, that's really awesome that you're transparent
• 1:11:38
  about your own holdings, right? Cuz it's really easy to talk a
• 1:11:45
  big game without skin in the game, right?
• 1:11:48
  When you have skin in the game, it's a totally different
• 1:11:51
  conversation. And what I've noticed too, it's
• 1:11:53
  like what Nico, what do you do? I'm like, bro, I'm like 120% and
• 1:11:58
  they're like they're like, oh like OK, like he must, he must
• 1:12:01
  be on to something. So so yeah, I mean that that's
• 1:12:05
  very, you know, that's really cool, man.
• 1:12:07
  And I love how you take a individual approach to every
• 1:12:11
  single person. And this leads me to your
• 1:12:13
  website, which I think perfectly describes exactly what you just
• 1:12:17
  said, which is financial planning for families desiring
• 1:12:21
  early financial independence. And this you have this beautiful
• 1:12:24
  picture of of, you know, your family and I find that
• 1:12:28
  extremely, extremely wholesome. So guys, check out International
• 1:12:31
  Living FP to find out more about.
• 1:12:34
  Jim Intentional Living Mika Mika can't read.
• 1:12:37
  Sorry, sorry, guys. Intentional living.
• 1:12:40
  Yeah, that makes a lot more sense than international, right?
• 1:12:43
  Sorry, bro. It's like it's all together, All
• 1:12:45
  the Texas together. But Jim, this is, this is, this
• 1:12:48
  is first of all extremely wholesome and thank you so much
• 1:12:52
  for dropping your knowledge today on us.
• 1:12:54
  Anyway, when you go, before we go, before we go, I'm not.
• 1:12:57
  Wrapping up some more questions and you know thank you for
• 1:13:00
  putting up with the savage chat of of bitcoiners who are just
• 1:13:04
  you know they they tend to all ape in but this is this is a
• 1:13:08
  good conversation and and people like yourself are extremely
• 1:13:11
  important because we need more financial planners that are
• 1:13:15
  bitcoiners. We need more financial planners
• 1:13:17
  that are putting their stamp on a stamp of approval on this
• 1:13:21
  asset and really making it kosher so to speak in the eyes
• 1:13:26
  of you know let's say this is some, this is a traditional
• 1:13:28
  person they never really understand or got exposure to
• 1:13:31
  Bitcoin and you're essentially, you know you're you're the
• 1:13:34
  person that they could depend on the person they could trust you
• 1:13:38
  know. So I I really, really enjoy that
• 1:13:40
  and really like that. Anyways, Opti, you said you want
• 1:13:44
  to say something. Yeah, yeah.
• 1:13:45
  I I just kind of would like to pick Jim's brain a little bit.
• 1:13:48
  Like what what's the normal conversation you have with your
• 1:13:52
  client and like what's their common objections or or rather
• 1:13:55
  maybe like what's the two-minute elevator pitch?
• 1:13:58
  Like how how do you pitch this to people so that I know, I know
• 1:14:01
  you it probably isn't just two minutes, but like what's the
• 1:14:04
  common objection and and what's like maybe the the common
• 1:14:07
  questions you're asked. Again, I I start off with
• 1:14:12
  letting them get all of their objections out.
• 1:14:15
  Typically, it's why Bitcoin, not other crypto currencies?
• 1:14:19
  What if it's made illegal by the government?
• 1:14:23
  What if it's just like tulips or Beanie Babies?
• 1:14:27
  Yeah, those. And again, the the nice thing is
• 1:14:30
  those are all rooted in misunderstandings and we've come
• 1:14:35
  across those questions a million times.
• 1:14:37
  So those are easy to overcome simply through education.
• 1:14:42
  So again, I would anyone out there who's trying to get to
• 1:14:45
  Orange Peel someone, I have a insanely high track track record
• 1:14:48
  of people adopting this. Now given those people who hire
• 1:14:51
  me hire me because they already think I'm smart and already
• 1:14:54
  place a level of trust in me. But even people who, you know,
• 1:14:57
  off the street, we talk about Bitcoin.
• 1:14:59
  I have a really high orange peeling rate and I think it's
• 1:15:02
  because allowing them to feel heard and get their arguments
• 1:15:06
  off their chest first. Otherwise they will not hear
• 1:15:08
  anything you say. There's a guy, his name's Chris
• 1:15:10
  Boss, who wrote a book called Never Split.
• 1:15:11
  The Difference, It's about negotiations and that's a big
• 1:15:14
  point. You have to let them get off
• 1:15:15
  their chest first. So start with that.
• 1:15:18
  Don't talk over their heads. Keep it simple.
• 1:15:20
  And again, it comes down to addressing what bitcoins set out
• 1:15:24
  to solve and you cannot get there.
• 1:15:26
  If you're talking about asteroids and again, you're
• 1:15:31
  you're talking through like, oh, the hash rates all time high.
• 1:15:34
  And the blockchain does this because then they're going to
• 1:15:36
  block chains and asteroids and hash rates versus a money that
• 1:15:40
  cannot be controlled, that can't be manipulated and can't be
• 1:15:43
  printed by anyone else. That is, that is a conversation
• 1:15:47
  you have to have. Again, that has to be rooted.
• 1:15:49
  If you root that in history that way they can see a pattern that
• 1:15:54
  goes back centuries that will put a a standard there for what
• 1:16:00
  money should be, what stores of value are.
• 1:16:02
  And it makes it doesn't seem like oh this is something some
• 1:16:05
  tech bro thought of in his basement one day and it's going
• 1:16:08
  to disappear. Like, no, this is rooted in
• 1:16:11
  millennia. Yeah, I think that pacifies a
• 1:16:14
  lot of the the the fears as well is knowing that this is
• 1:16:17
  something new just popped up. Absolutely love it.
• 1:16:21
  Love it. Beautiful.
• 1:16:22
  Beautiful. Wait, Nico again.
• 1:16:24
  I I know, I know. I feel the show's going long.
• 1:16:27
  We want to make it palatable for people.
• 1:16:29
  But Jim, what would be your last two sets of advice for the
• 1:16:33
  audience out there? What's the last message you want
• 1:16:35
  to leave with with our viewers? Oh gosh, I don't know.
• 1:16:41
  I guess even if it's it's Bitcoin or Fiat or whatever,
• 1:16:46
  like just really do consider what's important to you and
• 1:16:50
  don't stop at goals. That's why a lot of people set
• 1:16:52
  goals which are really important.
• 1:16:53
  But don't stop there. Ask yourself why do I have these
• 1:16:57
  goals? What is informing those?
• 1:16:58
  And continue to peel the layers back as far as you can.
• 1:17:01
  And once you've peeled those layers back, you'll actually be
• 1:17:04
  at a place of not goals but values.
• 1:17:06
  So start with building up from your values.
• 1:17:09
  Allow that to then inform your goals.
• 1:17:11
  Understanding that when you look at those values and goals, you
• 1:17:14
  will be faced with decisions. There's opportunity cost and
• 1:17:16
  everything. Sometimes the opportunity cost
• 1:17:18
  like selling some SAT's, like last year we spent a good amount
• 1:17:22
  of money to go on a great vacation.
• 1:17:24
  It was like you know what? The reason I want to have one of
• 1:17:27
  the reasons I want to have wealth for our family is so I
• 1:17:30
  can make memories as a family and I could have all the Bitcoin
• 1:17:34
  I want in the world. But if I am not spending time
• 1:17:36
  with my kids while they're young, the time they want to sit
• 1:17:38
  down and, you know, cuddle with me and read a book with him at
• 1:17:41
  night and explore with dad, like, what was the point
• 1:17:44
  anyways? So allow that to be rooted in
• 1:17:46
  your values. If you start off with goals, you
• 1:17:49
  might miss the mark. So values, then goals, then the
• 1:17:51
  decisions that will come, the opportunity cost that you will
• 1:17:54
  face. Once you've thought through
• 1:17:56
  those things, then you can begin taking action.
• 1:17:58
  And if you thought through those well enough, the action you take
• 1:18:00
  will be able to be direct and intentional, and you'll be able
• 1:18:04
  to make them without wasting too many resources, too many, too
• 1:18:09
  much time, too much money, too many relationships 'cause you
• 1:18:13
  can be articulate and you can be direct with where you're
• 1:18:15
  actually going. Beautiful.
• 1:18:16
  Love it. Love it.
• 1:18:17
  Actually, Nico, one last question and this is more of a
• 1:18:19
  this is more of a joke. Jim, I saw your Twitter and it
• 1:18:24
  seems to me that you are also A58K gang member.
• 1:18:28
  So do you want to do you want to acknowledge this?
• 1:18:32
  Yeah, but like. I'd like to think they would
• 1:18:34
  accept me. Maybe I am just from the outside
• 1:18:36
  looking in, but if they'll have me, I would.
• 1:18:38
  I would glad Be glad to join the gang.
• 1:18:41
  Meme gang initiation soon. All right, here you go.
• 1:18:45
  Very cool guys. If you want to find out more
• 1:18:48
  about Jim, you want to schedule a call with him and you could
• 1:18:51
  also. There's a number also you check
• 1:18:52
  out 830-624-5311. You also schedule an appointment
• 1:18:58
  on his website. Go to and he's.
• 1:19:04
  Got a podcast? He's got a podcast.
• 1:19:05
  And he's got a podcast as well, right?
• 1:19:08
  But he's a Bitcoin psychopath inside the the financial
• 1:19:13
  planning aspect, which is awesome.
• 1:19:15
  We have more Bitcoiners coming on our side.
• 1:19:17
  Jim, it was a pleasure for you to come on the show today, and I
• 1:19:21
  appreciate you surviving this Bitcoin maxi show.
• 1:19:25
  Yeah. Thanks for having me fellas.
• 1:19:28
  Appreciate it. All right guys, if you enjoyed
• 1:19:30
  the show, you know what to do. Smash that like button.
• 1:19:31
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• 1:19:34
  But the number one thing you could do to help push the
• 1:19:36
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• 1:19:38
  In fact, share all content. Share music.
• 1:19:40
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• 1:19:43
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• 1:19:45
  We'll be back tomorrow for a brand new episode of Simply
• 1:19:47
  Bitcoin Live. Today's episode was brought to
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  you by bitcoinwell.com, a Bitcoin only platform on a
• 1:19:54
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